It seems just like yesterday that Merrill Lynch was shouting from the rooftops its latest global head and a new team to lead its FX business. Still, time moves swiftly in FX and the bank is much more circumspect these days. Word reaches me that Merrill has hired Andrew Bailey from Lehman Brothers to trade emerging market options in London. Furthermore, sources say that Colin George is on his way over to work in options from Calyon.